Renasant Co. to Issue Quarterly Dividend of $0.22 (NASDAQ:RNST)

Renasant Co. (NASDAQ:RNST) announced a quarterly dividend on Friday, April 12th, Wall Street Journal reports. Shareholders of record on Friday, June 14th will be paid a dividend of 0.22 per share by the financial services provider on Friday, June 28th. This represents a $0.88 annualized dividend and a yield of 3.05%. The ex-dividend date of this dividend is Friday, June 14th.

Renasant has a dividend payout ratio of 31.4% meaning its dividend is sufficiently covered by earnings. Research analysts expect Renasant to earn $2.79 per share next year, which means the company should continue to be able to cover its $0.88 annual dividend with an expected future payout ratio of 31.5%.

Renasant Trading Up 0.3 %

Shares of NASDAQ RNST opened at $28.84 on Friday. The company has a quick ratio of 0.90, a current ratio of 0.91 and a debt-to-equity ratio of 0.19. Renasant has a twelve month low of $22.99 and a twelve month high of $34.85. The company’s fifty day moving average is $30.65 and its 200-day moving average is $29.64. The stock has a market cap of $1.62 billion, a price-to-earnings ratio of 11.18 and a beta of 1.03.

Renasant (NASDAQ:RNST) last posted its earnings results on Wednesday, January 24th. The financial services provider reported $0.76 earnings per share for the quarter, topping the consensus estimate of $0.64 by $0.12. Renasant had a return on equity of 7.98% and a net margin of 15.94%. The firm had revenue of $230.79 million for the quarter, compared to analyst estimates of $160.63 million. During the same period in the previous year, the company posted $0.89 earnings per share. Equities research analysts predict that Renasant will post 2.63 EPS for the current year.

Institutional Trading of Renasant

Institutional investors have recently added to or reduced their stakes in the company. Point72 Middle East FZE acquired a new stake in shares of Renasant during the fourth quarter worth $74,000. Tower Research Capital LLC TRC boosted its holdings in Renasant by 79.7% in the 3rd quarter. Tower Research Capital LLC TRC now owns 3,623 shares of the financial services provider’s stock valued at $95,000 after purchasing an additional 1,607 shares during the period. Osaic Holdings Inc. grew its position in shares of Renasant by 486.8% during the 2nd quarter. Osaic Holdings Inc. now owns 7,364 shares of the financial services provider’s stock worth $192,000 after purchasing an additional 6,109 shares in the last quarter. Quadrature Capital Ltd bought a new position in shares of Renasant during the third quarter worth approximately $202,000. Finally, Creative Planning acquired a new stake in shares of Renasant in the fourth quarter valued at approximately $204,000. 77.31% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on RNST shares. Truist Financial cut their target price on Renasant from $35.00 to $33.00 and set a “hold” rating on the stock in a research note on Monday, April 1st. StockNews.com raised Renasant from a “sell” rating to a “hold” rating in a research report on Tuesday. Keefe, Bruyette & Woods increased their price target on shares of Renasant from $34.00 to $35.00 and gave the company a “market perform” rating in a research note on Tuesday, January 30th. Finally, Stephens increased their price target on Renasant from $36.00 to $37.00 and gave the company an “equal weight” rating in a research note on Tuesday, January 30th. Five research analysts have rated the stock with a hold rating, According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $33.00.

Renasant Company Profile

Renasant Corporation operates as a bank holding company for Renasant Bank that provides a range of financial, wealth management, fiduciary, and insurance services to retail and commercial customers. The company operates through Community Banks, Insurance, and Wealth Management segments. The Community Banks segment offers checking and savings accounts, business and personal loans, asset-based lending, and factoring equipment leasing services, as well as safe deposit and night depository facilities.